The daily chart shows that Kadena has gone vertical in the last couple of days. As you can see, the KDA token flat-lined for most of the year and only started to catch a bid in October. As a result, the Relative Strength Index reads 86.71, indicating the rally is incredibly overdone.
Logically, an RSI of 86.71 suggests an imminent reversal. However, since when have cryptocurrencies been logical? On that basis, I cannot measure if the price will continue higher or collapse in the near term. Although in my experience, parabolic rallies normally end in spectacular (violent) fashion.
Therefore, investors should exercise caution at the current level. This does not mean the Kadena price won’t go higher but will be vulnerable to shocks lower, as we saw yesterday.
Hello community, please if you like my ideas do not forget to support them with your likes and comment, and you can also get in touch for daily signals and alerts